CHARLOTTE, N.C. (AP) -- Piedmont Natural Gas Co. said Thursday its profit rose 6 percent in the fiscal second quarter despite warmer weather that cut into demand for natural gas.
The company said its profit totaled $50.2 million, or 70 cents per share, over the three months ended April 30. A year earlier Piedmont said it earned $47.4 million, or 66 cents per share. Revenue fell 21 percent, to $308.4 million from $392.6 million.
Analysts expected the company to report a profit of 71 cents per share and $393.5 million in revenue, according to FactSet.
The cost of gas declined by 38 percent year over year, and the company also posted a 56 percent decline in utility interest charges.
Piedmont said temperatures during the second quarter were 28 percent warmer than normal and 19 percent warmer than last year. That led to lower natural gas use and wholesale revenue.
Piedmont backed its full-year profit forecast of $1.58 to $1.68 per share, but still expects to reach the low end of that range. On average analysts are projecting income of $1.59 per share for the company.
Shares of Piedmont Natural Gas dipped 4 cents to $31.61 on Thursday.
